Aéroports de Paris in Unwinding of Cross-Shareholding With Royal Schiphol Group

January 9, 2023

Cleary Gottlieb represented Aéroports de Paris in the unwinding of its cross-shareholding with Royal Schiphol Group.

On November 30, 2021, Aéroports de Paris and Royal Schiphol Group announced the end of their industrial cooperation—namely Hublink—leading to the unwinding of their cross-shareholding at the latest on May 30, 2023.

In this context, Royal Schiphol Group sold its 8% shareholding in Aéroports de Paris as follows:

  • 2.5% and 1.59% respectively to Crédit Agricole Assurances—via its subsidiary Predica—and Canada Pension Plan Investment Board through block trades; and
  • 3.91% by way of an accelerated book-building at price of €133 per share. On this occasion, Aéroports de Paris bought back approximately 0.3% of its share capital.

In compliance with an exit agreement entered into between the parties, Royal Schiphol Group bought back 8% of its share capital held by Aéroports de Paris for an amount of c. €420 million.

Aéroports de Paris develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget. In 2021, the group handled through its brand Paris Aéroport more than 41.9 million passengers and 2.1 million metric tons of freight and mail at Paris-Charles de Gaulle and Paris-Orly, and more than 118.1 million passengers in airports abroad.